If you own a strata property, then you will be aware that you own your lot (the unit, apartment, townhouse etc) and you also own a share of the common property through the owners corporation. You are responsible for your lot and the owners corporation is responsible for the common property, such as the lifts, front entrance, car park etc.
When looking at strata titles, it is important to understand the interests that are registered on the common property certificate of title. What are usually listed are the applicable by-laws, covenants and restrictions on use and interests in any bigger strata schemes or community title schemes. Generally speaking, the by-laws for a strata scheme will be the standard ones which are part of Schedule 2 to the Strata Schemes Management Regulation. However, they will vary depending on the scheme's approach to pets and whether the scheme has added to or amended the standard by-laws. Newer and larger strata developments often adopt unique by-laws for the scheme. By-laws can be quite extensive, so often your solicitor will not be able to advise you in relation to them. But that doesn't mean that you shouldn't have a good read for yourself. If you have particular plans for how you intend to use the property, such as have a pet, let out your car space, purchase an air-conditioner, hang your washing out on the balcony, then you should carefully review the by-laws to ensure that the scheme will permit these uses.
Sometimes a car space is not part of the lot area but is an exclusive use of common property. This means that you do not own the car space as part of your unit, but that the owners corporation has given you an exclusive right to use the area as your car space. This is obviously not as ideal as actually owning the car space, so you should look out for this scenario if you are looking to purchase a strata property.
In the newer and larger strata developments, for example, Breakfast Point or Jacksons Landing, Pyrmont, each strata scheme is part of larger strata scheme or community title scheme. This enables responsibility for certain common property such as key private roads, pools and gyms to be shared across multiple strata schemes. However, being under bigger strata schemes may increase your overall levies.
Finally, you should note any easements, covenants or restrictions on use for the common property. Whilst they will generally not affect you, it is worth knowing about them so that you keep watch on how the common property is being used. If the owners corporation breaches the covenant or restriction on use in some way, you as an owner will be impacted.
Jonathan Marquet
Emil Ford & Co - Lawyers
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